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STATEMENT: Trump Tariffs Tank The Economy With Jobless Claims Rising, Prices Going Up, and Growth Forecasts Shrinking

By June 5, 2025No Comments

The latest economic numbers are in, and they’re yet another disaster for Donald Trump: more Americans are out of work, prices are up, and economic growth forecasts are dismal. Just yesterday, Trump’s Commerce Secretary was grilled in a hearing and made clear that Trump and his lackeys are putting aside the concerns of working families in favor of devastating tariffs while acting recklessly to enrich Trump and his billionaire friends. In response, Defend America Action Senior Spokesperson Rodericka Applewhaite released the following statement:

“Today’s headlines could not be clearer: Donald Trump and his Republican allies have no boundaries when it comes to abusing their power to benefit themselves and their rich friends and donors while forcing working-class Americans to take it on the chin. As Republicans in Congress hammer out just how much to severely slash essential health and food services for vulnerable seniors and children so they can line the pockets of millionaires and billionaires, Trump’s tariffs are tanking the economy and forcing Americans out of work while prices skyrocket and growth shrinks.”

HEADLINES

  • 💼 UNEMPLOYMENT RISES AS MAJOR COMPANIES SLASH JOBS
    • Reuters: US Weekly Jobless Claims Rise For Second Straight Week.
    • Atlanta Journal-Constitution: The Number Of Americans Filing For Jobless Benefits Last Week Rises To Highest Level In Eight Months. 
    • Investopedia: Costco Posts 6.8% Sales Growth in May, Slightly Slower Than April.
    • MarketWatch: P&G Becomes The Latest Consumer Giant To Cut Jobs, With 7,000 Employees Set To Be Fired.
  • 📈 PRICES RISE IN RESPONSE TO TRUMP’S DISASTEROUS TARIFFS
    • Barron’s: 75% of Companies Have Already Raised Prices in Response to Tariffs, Fed Survey Finds.
    • CNBC: Most Companies Are Already Raising Prices Or Plan To Because Of Tariffs, Data Shows.
    • Axios: Businesses Are Raising Prices After Tariffs, Even On Unaffected Goods.
    • The Wall Street Journal: Economists Raise Questions About Quality of U.S. Inflation Data.
  • 📉 GROWTH DECLINES AS TRADE WAR TAKES TOLL
    • The Associated Press: US Growth Likely To Slow To 1.6% This Year, Hobbled By Trump’s Trade Wars, OECD Says.
    • CNBC: Fed ‘Beige Book’ Economic Report Cites Declining Growth, Rising Prices And Slow Hiring.